Saturday, August 29, 2026

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☀️Morning Wire7:00 AM CST

The Morning Take

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Oil Prices

Oil Prices Edge Lower as U.S. Crude Stocks Rise

Global oil prices declined slightly in early trading Saturday, August 29, as a reported build in U.S. crude inventories weighed on the market. West Texas Intermediate (WTI) crude traded at $83.40 per barrel, down 13 cents or 0.16%, while the international benchmark Brent crude fell 42 cents to $88.10, a decline of 0.47%. The primary factor behind the dip was data from the U.S. Energy Information Administration showing a rise in commercial crude stocks. According to Rigzone, crude oil inventories, excluding the Strategic Petroleum Reserve, stood at 428.9 million barrels as of August 21. This increase in supply provides a slight counterbalance to ongoing market tightness. For Bakken producers, the local price benchmark is closely tied to WTI. The Bakken differential—the discount at which Bakken crude trades versus WTI at the Cushing, Oklahoma, hub—was recorded at -$3.42. This means Bakken crude is currently priced at approximately $79.98 per barrel. A...

☀️Morning Wire·Aug 29

Rig Report

Bakken Rig Count Holds at 36, Up Nine Rigs From One Month Ago

The number of active drilling rigs in North Dakota held at 36 on Saturday, according to live data from Bakken Wire. The count showed no change from the previous day, with no new rigs added, removed, or relocated. The current activity level represents a significant increase from recent historical benchmarks. The rig count is up by two from the 34 rigs working one week ago, on August 22, 2026. More notably, activity has surged by nine rigs, or 33 percent, since July 30, 2026, when just 27 rigs were active in the state. The steady climb over the past month suggests operators in the Bakken formation and wider Williston Basin are maintaining a measured pace of capital investment into new well drilling. Rig count is a key leading indicator of future oil production, and the current level points to stabilized development plans following periods of volatility. While North Dakota's activity...

☀️Morning Wire·Aug 29

Daily Activity

Single New Permit Filed in McKenzie County, Confidential Status Updates Released

North Dakota's Department of Mineral Resources approved one new drilling permit in its latest daily activity report. Rockport Energy Solutions LLC received approval for the ANNIE 7-6-31 1HR, located in the NE NW of Section 18-146N-98W within McKenzie County's Ranch Creek field. The state regulator also released several previously confidential status changes, providing new details on operator activity. Hess Bakken Investments II, LLC had the confidential status released for its SC-MARI-153-98-2223H-7 well in Williams County (NW NW 22-153N-98W). Two other Williams County wells were also released from confidential status. Zavanna Energy Operating, LLC's HEREFORD 13-36 3H in the Stockyard Creek field (SW SW 13-154N-99W) and XTO Energy Inc's GBU ARTEMIS 32X-13E-S in the Grinnell field (SW NE 13-154N-96W) are now publicly listed. In Dunn County, a permit was cancelled. Murfin Drilling Company, Inc.'s permit for the CD STEFFAN 1-7H, located in the SE SE of Section 7-141N-97W in the Barta...

☀️Morning Wire·Aug 29

Global Markets

Global Energy Shifts May Tighten Oil Market, Bolstering Bakken Outlook

Ongoing global energy market disruptions, from sanctions enforcement to refining crises and potential OPEC fragmentation, are setting the stage for a tighter crude oil supply picture that could bolster prices and demand for Bakken crude. According to analyses from OilPrice.com, these interconnected trends reduce global spare capacity and increase market volatility, key factors for North Dakota producers. The effectiveness of Western sanctions on Russia remains under scrutiny. A new UK sanctions package targets Russian banks, shadow fleet tankers, and companies importing materials for its war effort, bringing total UK designations to over 3,400 since 2022. However, European institutions like TotalEnergies continue profitable operations in Russia. The French energy giant earns about $400 million annually from selling LNG from Russia's Yamal plant and receives dividends from its stakes in Yamal LNG and parent company Novatek, according to CEO Patrick Pouyanne. This ongoing economic exposure highlights a sanctions "blind spot" that, if...

☀️Morning Wire·Aug 29

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Dip Slightly, Bakken Differential Holds at -$3.42

Front-month WTI crude futures traded at $83.40 per barrel on Saturday, down $0.13 or 0.16% from the prior settlement. Global benchmark Brent crude fell to $88.10, a decline of $0.42 or 0.47%. Natural gas prices also edged lower, trading at $2.89, down $0.03. The slight pullback in oil prices reflects a continuation of recent trading patterns, with markets balancing steady demand against ongoing global economic concerns. For Bakken producers, the key local price indicator—the Bakken differential—held steady at a discount of $3.42 per barrel versus the WTI benchmark. This relatively narrow differential is a positive signal for operator revenues, as it indicates strong demand and efficient takeaway capacity for North Dakota crude. A narrow differential, such as the current -$3.42, means Bakken producers receive a price much closer to the national benchmark. When applied to the current WTI price of $83.40, it implies a wellhead price in the region of...

🔆Midday Wire·Aug 29

Global Markets

Venezuela Considers Exiting OPEC, Adding Global Supply Uncertainty

Venezuela is weighing whether to quit the Organization of the Petroleum Exporting Countries (OPEC), according to a report from Rigzone. The news, published on August 29, adds another layer of uncertainty to global oil supply dynamics. While Venezuela's current oil production is severely constrained by its long-standing economic and political crises, any move that weakens OPEC's cohesion can have market-wide implications. OPEC, along with its allies in the OPEC+ group, attempts to manage global crude supply to support prices. For Bakken operators in North Dakota, the health of the global oil price is the primary financial driver. The Williston Basin's break-even economics are directly tied to the benchmark West Texas Intermediate (WTI) crude price. News that introduces volatility or potential for increased global supply can pressure those prices. A Venezuelan exit from OPEC, even if symbolic given its low output, could signal internal discord within the cartel. Market perceptions of...

🔆Midday Wire·Aug 29

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Dip Slightly Amid Mixed Market Signals

Front-month West Texas Intermediate crude futures traded at $83.40 per barrel on Saturday, down 13 cents for a 0.16% decline, according to live market data. The global benchmark Brent crude fell 42 cents to $88.10, a drop of 0.47%. The Bakken crude differential to WTI was reported at -$3.42. The modest pullback in oil prices comes after a week of volatility driven by conflicting fundamental signals. Traders continue to weigh steady OPEC+ production discipline against concerns over the strength of global fuel demand, particularly from China. Geopolitical tensions in key producing regions also remain a persistent source of market uncertainty, providing a floor under prices even during sell-offs. For Bakken operators, the price environment remains supportive for continued drilling and completion activity. A WTI price sustained above $80 per barrel is generally considered profitable for most wells in the core of the North Dakota formation. The Bakken differential, which represents...

🌅Afternoon Wire·Aug 29

Rig Report

North Dakota Rig Count Holds at 36 Amid Sustained Growth Trend

The number of active drilling rigs in North Dakota held steady at 36 on Saturday, according to live data from Bakken Wire. No rigs were added, removed, or moved location since the prior day's count. The current tally reflects a sustained period of expansion in the state's oilfield activity. Compared to one week ago, on August 22, 2026, the rig count is up by two. The growth over a longer period is more pronounced, with nine more rigs working now than were active just one month ago on July 30, 2026, when the count stood at 27. The stability in the daily count follows a period of notable gains, suggesting operators may be consolidating recent additions to their drilling programs. Rig count is a leading indicator of future oil production, and a count in the mid-30s represents a significant operational tempo for the Bakken formation, North Dakota's primary oil-producing region....

🌅Afternoon Wire·Aug 29